Former NBA commissioner among investors in VR company

US virtual reality company LiveLike has raised $5m (€4.47m) in investment from partners including David Stern (pictured), former commissioner of North American basketball league the NBA.

The Forbes website said the investors also include a group of venture firms led by Evolution Media Partners, a joint effort of entertainment and sports agency CAA and investment firm TPG, as well as Elysian Park Ventures, Courtside Ventures, Dentsu Ventures and Techstars Ventures.

Earlier this week, the Dentsu agency said it had made an investment in LiveLike through its corporate venture capital fund. Terms of the deal were not disclosed, but Dentsu said it had made the investment in the New York-based company due to its belief in the potential of the VR market. LiveLike specialises in enabling broadcasters and sports teams to deliver immersive, live sports viewing experiences.

“People are seeing the potential,” LiveLike chief business officer Miheer Walavalkar told Forbes. “Our conversations over the past 12 months have progressed from, ‘oh this is interesting,’ to, ‘okay, what’s your business model and go to market strategy?’”